In fact, it is quite close. I am under 100 days before my retirement (60 actual workdays). Additionally, I have learned that my last 33 workdays will be remote, working from home as the workspace undergoes reconstruction. Employees will report on February 5, 2024, and I will retire on February 2, 2024. While it is a refreshing thought, it also brings a sense of apprehension. I have diligently managed my finances and have limited concerns about money. However, as many of you have mentioned, transitioning from a cash-based system to solely spending money can be challenging.
I decided to retire a few months before 62 due to experiences over the past decade. In addition to the past three years of a toxic workplace and stress, my supervisor refused to retire early for six more years. He retired at 67 and died at 70. Another coworker retired at 65 and died at 68. Another held out until 67 and died the day he retired. Another stuck it out to 68 and died at 73. Recently, a dear colleague I’ve known for 28 years is in hospice at 51. Retirees are healthier and happier, and I’m already feeling less stressed knowing my high-stress workdays are over.
Following my divorce nearly 25 years ago, achieving financial stability proved to be a protracted endeavor. To secure my retirement savings, I undertook additional employment opportunities and adopted a highly frugal lifestyle. While numerous acquaintances indulged in vacations, acquired more luxurious automobiles, and resided in larger homes, I diligently saved.
Upon my son’s enrollment in college in 2007, I intensified my efforts by working 65 to 70 hours per week between two jobs to augment my retirement savings. Even in the present day, I continue to work 50 to 55 hours per week to maximize my savings potential.
My long-term plan is to start receiving Social Security benefits or my pension before I reach the age of 65. However, I may consider delaying this decision, contingent upon the prevailing economic conditions. I have meticulously planned to maintain a substantial cash reserve to sustain myself for at least the initial two years of retirement, which will extend my lifespan to approximately 64 years. At that juncture, I plan to rely solely on my 401(k) retirement account.
I plan to delay accessing my Roth IRA until after 70. In 2025, I expect to have a substantial healthcare savings account that will cover most of my medical expenses, including lifelong insurance. Many people worry about medical costs in retirement.
Based on my spending plan, including travel money, I could be broke at 92. At that time, only my pension and social security would be left. I prefer to be broke at 92 than die rich in my 70s. That still isn’t broke; it just means I have no more retirement savings. That’s based on an average 4% inflation and an average 6% return, which is bad.
I retired on February 2. It seemed fitting that it wouldn’t matter if the groundhog didn’t see its shadow. I’d no longer be in a toxic workplace that shortened my life. If we have more winter, I can read, play guitar, walk, or take pictures. If the winter is short, I can ride my bike without a schedule. I can do many other things on my schedule with little stress!
Looking forward to that time in my life! The new adventure.
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